Fred's discount stores shuttering more than 150 locations in 13 states

By Gary Dinges gdinges@gatehousemedia.com

Friday

Apr 12, 2019 at 10:14 AMApr 12, 2019 at 10:14 AM

Fred's, a discount chain with locations across the southeastern U.S., said Thursday it will close 159 stores in 13 states.

That's nearly a third of all Fred's stores.

The Memphis, Tenn.-based retailer also announced it would immediately begin clearance sales at another 360 stores as it restructures, according to Atlanta TV station WSB.

A number of other chains have made similar moves in recent months as online merchants such as Amazon continue to take a bite out of traditional brick-and-mortar retailers.

The stores that are closing are expected to wrap up operations by late May.

"After a careful review, we have made the decision to rationalize our footprint by closing underperforming stores, with a particular focus on locations with shorter duration leases," Fred’s CEO Joseph Anto said in a written statement obtained by WSB. "Most of these stores have near‐term lease expirations and limited remaining lease obligations."